Nigeria and the African Development Bank (AfDB) have agreed to conduct a joint technical review of the bank’s project portfolio in the country and prepare for a visit by its president, Dr Sidi Ould Tah.
The agreement followed a meeting between the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Ould Tah on Monday, on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand.
According to a press release by the Federal Ministry of Finance, the review will identify implementation bottlenecks, speed up project delivery and align ongoing operations with the Federal Government’s development priorities.
Oyedele reaffirmed Nigeria’s commitment to maintaining its position as the bank’s largest shareholder and meeting its capital subscription obligations.
He said the longstanding relationship between Nigeria and the AfDB should translate into greater development financing and tangible economic benefits.
Oyedele also expressed Nigeria’s support for the bank’s Four Cardinal Points agenda under Ould Tah’s leadership.
The agenda focuses on bridging Africa’s financing gap, securing the continent’s financial sovereignty, harnessing its demographic dividend and building resilient infrastructure through the local transformation of natural resources.
The minister said the priorities align closely with Nigeria’s development objectives.
Ould Tah’s proposed visit to Nigeria is expected to include meetings with President Bola Tinubu, senior government officials and other stakeholders to discuss the country’s development priorities and its strategic cooperation with the bank.
The meeting also addressed the high cost of borrowing faced by African countries.
Oyedele said international credit ratings did not always reflect improvements in economic fundamentals and reform performance, increasing borrowing costs for countries such as Nigeria.
In response, Ould Tah disclosed that the AfDB was developing a facility to provide African governments with technical and analytical support in their engagements with credit rating agencies.
The facility is expected to help governments present credible economic data and challenge assessments where necessary.
The two sides also discussed African financial integration, local currency transactions, trade insurance and credit enhancement measures to reduce investment risks and attract private capital.
They further stressed the need to retain skilled professionals on the continent.
The Federal Ministry of Finance said technical work on financing and portfolio performance would continue alongside preparations for the AfDB president’s visit.
Faridah Abdulkadiri
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